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D03209551P 


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THE  FOLLOWING  REGULATIONS  arc  established  for 
currying  into  effect  the  Act  of  Congress,  approved  23d  March, 
1863,  entitled  **  An  Act  to  provide  for  the  funding  and  fur- 
ther issue  of  Treasury  Nates  :  " 

Treasury  Department,  C.  S.  A.,  ) 
Richmond,  March  25,  1863.       \ 

1.  Eight  per  cent,  bonds  or  stock,  at  the  pleasure  of  the 
holder,  shall  be  issued  in  exchange  for  all  treasury  notes  not 
bearing  interest,  which  bear  date  prior  to  1st  December^ 
1862,  and  which  shall  be  presented  at  the  treasury,  or  at 
any  of  its  depositories  on  or  before  the  22d  April,  1863. 

2.  Seven  per  cent,  bonds  or  stock,  at  the  pleasure  of  the 
holder,  shall  be  issued  in  exchange  for  any  of  the  notes  de- 
scribed in  article  1,  which  shall  be  presented  at  the  treasury, 
or  at  any  of  its  depositories  after  the  22d  April,  1863,  and 
on  or  before  the  1st  August,  1863. 

3.  Seven  per  cent,  borfds  or  stock,  at  the  pleasure  of  the 
holder,  shall  be  issued  in  exchange  for  any  treasury  notes 
not  bearing  interest,  and  which  bear  date  after  the  1st  De- 
cember, 1862,  and  before  the  6th  April,  1863,  and  which 
shall  be  presented  at  the  treasury,  or  any  of  its  depositories 
on  or  before  the  1st  August,  1863. 

4.  Six  per  cent,  bonds  or  stock,  at  the  pleasure  of  the 
holder,  shall  be  issued  in  exchange  for  any  treasury  notes 
issued  on  or  after  the  6th  April,  1863,  if  they  are  presented 
at  the  treasury,  or  any  of  its  depositories,  within  one  year 
from  the  first  day  of  the  month  which  is  printed  across  the 
face  of  such  notes. 

5.  Four  per  cent,  bonds  of  stock,  at  the  pleasure  of  the 
holders,  shall  be  issued  in  exchange  for  the  treasury  notes 
described  in  article  3,  if  presented  at  the  treasury  or  any  of 
its  depositories  at  any  time  after  the  1st  August,  1863. 


6.  Four  per  cent,  bonds  or  stock,  at  the  pleasure  of  the 
holder,  shall  be  issued  in  exchange  for  the  treasury  notes 
issued  on  or  after  the  6th  April,  1863,  if  presented  at  the 
treasury  or  any  of  its  depositories  at  any  time  after  one 
year  from  the  fir3t  day  of  the  month  which  is  printed  across 
the  face  of  such  notes. 

7.  Five  per  cent,  call  certificates  shall  be  issued  to;MlV 
holder  of  notes  bearing  date  on  or  after  6th  April,  1S63. 
The  certificate  shall  set  forth  on  its  face  the  monthly  date  of 
the  oldest  of  the  notes  which  it  represents,  and  the  holder 
will  be  entitled  to  reconvert  the  certificate  into  like  notes  at 
any  time  within  six  months  from  the  first  day  of  said  month, 
and  to  receive  interest  for  the  time  at  the  rate  of  five  per 
cent,  per  annum. 

S.  The  five  per  cent,  certificates  not  converted  within  six 
months,  under  the  7th  article,  may  be  exchanged  at  any  time 
for  six  per  cent,  bonds,  payable  at  any  time  not  exceeding 
thirty  years  after  the  expiration  of  the  said  six  months. 

9.  Four  per  cent,  call  certificates  shall  be  issued  to  any 
holder  of  tf#*  r  cent. ■bond.-  or  ptock,  described. in  ar- 
ticles five  and  six,  which  shall  entitle  the  holder  to  convert 
the  same  into  notes  fundable  in  four  per  cent,  bonds  and  to 
receive  interest  at  the  rate  of  four  per  cent,  per  annum  un- 
til converted  :  the  said  certificates,  however,  maybe  redeemed 
by  the  government  after  six  months  from  the  ratification  of 
a  treaty  of  peace  with  the  United  States. 

10.  Six  per  cent,  call  certificates  which  have  been  already 
issued  may  be  redeemed  in  the  notes  which  they  represent  at 
any  time  before  the  first  day  of  July,  1863;  after  that  date 
they  become  bonds  bearing  an  annual  interest  of  six  per 
cent.,  and  payable  at  any  time  not  exceeding  thirty  years 
from  1st  July,  1863. 

11.  After  the  4th  April,  1863,  the  register  and  treasurer 
shall  issue  no  treasury  notes  except  such  as  shall  bear  sub- 
sequent date,  and  shall  have  the  mouth  of  issue  printed  in 
large  characters  across  the  face ;  and  the  issues  shall  not  ex- 
ceed fifty  millions  in  any  one  month. 


12.  No  bond  or  certificate  will  be  issued  for  a  less  amount 
than  one  hundred  dollars  ;  nor  for  any  sum  of  which  one 
hundred  is  not  a  perfect  divisor. 

13.  Treasury  notes  of  all  kinds  are  receivable  in  payment 
of  all  public  dues,  with  the  single  exception  of  the  export 
duties  on  cotton,  which  must  be  paid  in  coin,  or  with  the 
coupons  of  the  fifteen  million  loan  bou 

14.  After  the  1st  August,  1863,  the  treasury  notes  which 
bear  date  prior  to  1st  December,  1S62,  cannot  be  funded, 
but  they  arc  still  receivable  for  public  dues,  excepting  the 
export  duty  on  cotton. 

15.  Treasury  notes  bearing  interest  are  not  exchangeable 
for  bonds  or  stock,  being  deemed  already  funded. 

16.  All  notes  delivered  in  to  any  assistant  treasurer  or 
depositary  to  be  funded,  must  be  cancelled  and  forwarded  to 
the  treasurer,  with  a  descriptive  schedule,  after  reserving  a 
sufficient  amount  to  meet  call  certificates.  The  same  course 
will  be  taken  with  notes  delivered  in  at  the  treasury. 

For  more  complete  information  a  copy  of  the  act  is  here- 
unto appended. 

Regulations  in  relation  to  the  eight  per  cent,  bonds  and 
two  year  notes,  issued  under  the  act  of  May  16,  1861,  are 
suspended  until  the  proposition  now  before  Congress  on  this 
subject  is  disposed  of. 

C.  G.  MEMMINGER, 
Secretary  of  the  Treasury. 


AN   ACT 

To  provide  far  the  funding  and  further  issue  of  Treasury  Notes. 

Section  1.  The  Congress  of  t'te  Confederate  States  of  Amer- 
ica do  enact,  That  all  treasury  notes  not  bearing  interest 
issued  previous  to  the  first  day  of  Decemb*  hun- 

dred and  sixty-two,  shall  he  fundable  in  eight  per  cent, 
bonds  or  stock,  until  the  twenty-second  day  of  April,  eigh- 
teen hundred  and  sixty-three  ;  that  from  that  date  until  the 
first  day  of  August,  eighteen  hundred  and  sixty-three,  they 
shall  be  funded  in  seven  per  cent,  bonds  or  stock,  and  after 
the  said  first  day  of  August,  they  shall  no  longer  lie  funda- 
ble at  the  pleasure  of  the  holder,  but  shall  be  receivable  in 
payment  of  public  dues,  except  the  export  duty  on  cotton, 
and  payable  six  months  after  the  ratification  of  a  treaty  of 
peace,  as  specified  on  their  face.  All  treasury  notes  not 
bearing  interest,  issued  after  the  first  day  of  Decembei, 
eighteen  hundred  and  sixty-two,  and  within  ten  days  after  the 
passage  of  this  act,  shall  be  fundable  in  seven  per  cent, 
bonds  or  stock  until  the  first  day  of  August  next;  and  after 
the  said  first  day  of  August,  shall  be,  fundable  only  in  bonds 
bearing  interest  at  the  rate  of  four  per  cent,  per  annum,  and 
payable  at  any  tirife  not  exceeding  thirty  years  from  the  date 
thereof;  and  all  such  notes  not  funded  shall  be  receivable  in 
payment  of  all  public  dues,  except  the  export  duty  on  cot- 
ton, and  shall  be  payable  six  months  after  the  ratification  of 
a  treaty  of  peace  between  the  Confederate  government  and 
the  United  States.  AH  call  certificates  bearing  eight  per 
cent,  interest,  shall,  with  the  accrued  interest,  he  fundable 
on  or  before  the  first  day  of  July,  eighteen  hundred  and 
sixty-three,  into  bonds  of  the  Confederate  States,  bearing 
interest  at  the  rate  of  eight  per  cent,  per  annum,  and  paya- 
ble at  any  time  not  exceeding  thirty  years  after  their  date: 


Provided.  That  the  accrued  interest  aforesaid  may,  at  the 
option  of  the  holder,  be  paid  instead  of  being  funded.  All 
call  certificates  of  every  description,  outstanding  the  first 
day  of  July,  eighteen  hundred  and  sixty-three,  shall,  after 
that  date,  be  deemed  to  be  bonds  bearing  an  annual  interest 
of  six  per  cent.,  and  payable  at  a  date  not  exceeding  thirty 
years  from  the  said  first  day  of  July,  eighteen  hundred  and 
sixty-three. 

Sec.  2.  In  lieu  of  the  power  heretofore  giveu  by  law  to 
the  Secretary  of  the  Treasury,. to  issue  treasury  notes,  he 
shall  be  authorized  to  issue  monthly,  an  amount  of  such 
notes,  bearing  no  interest,  not  exceeding  fifty  millions  of 
dollars,  which  shall  be  receivable  in  payment  of  all  pub- 
lic dues,  except  the  export  duty  on  cotton,  and  payable 
within  two  years  after  the  ratification  of  a  treaty  of 
peace  between  the  Confederate  States  and  the  United  States, 
and  fundable  at  the  pleasure  of  the  holder,  during  twelve 
months  from  the  first  day  of  the  month  of  their  issue,  in 
bonds  of  the  Confederate  States,  payable  at  any  time  not 
exceediEg  thirty  years  afters  after  date,  and  bearing  rates  of 
interest  as  follows  :  If  funded  within  twelve  months  from 
the  first  day  of  the  morth  of  their  issue,  the  bonds  shall 
bear  six  per  cent,  interest  per  annum  ;  if  funded  after  that  pe- 
riod they  shall  be  fundable  into  bonds  bearing  four  per  cent, 
interest  per  annum.  These  notes  shall  bear  upon  their  face 
the  month  and  year  of  their  issue,  and  if  not  funded,  shall 
be  paid  at  the  time  specified  on  their  face  without  interest. 

Sec.  3.  After  the  passage  of  this  act,  the  authority  here- 
tofore given  to  issue  call  certificates  shall  cease,  but  the 
notes  fundable  into  six  per  cent,  bonds  may  be  converted  at 
the  pleasure  of  the  holder,  into  call  certificates,  bearing  in- 
terest at  the  rate  of  five  per  cent,  per  annum,  from  the  date 
of  their  issue.  That  every  such  certificate  shall  bear  upon 
its  face  the  monthly  date  of  the  oldest  of  the  notes  which  it 
represents,  and  be  convertible  into  like  notes  at  any  time 
within  six  months  from  the  first  day  of  the  month  of  its 
monthly  date  aforesaid.     But   every  certificate   not  recon- 


verted  within  six  months  from  the  first  day  of  its  monthly 
date,  shall  be  exchanged  for  a  1  ond  payable  at  any  time  not 
exceeding  thii  from  the   expiration  of  the  said   six 

months,  and  1  :-itere?t  at  the  rate  of   six  per  centum 

per  annum.      Ti i  notes,   which  by   the   operation  of 

this  net  become  fundable  into  b  irihg  a  yearly  int< 

of  four  per  cent.,  may  be  converted,  at  'the  pleasure  of  the 
hohleT.  into  call  c  aring   ii  ate  of 

four  per  cent,  per  annum,  from  their  date  until  reconverted 
or  paid;  the   eaid   certifi  ing  reconvertible   at  any 

time  by  the  holder  into  notes  fundable  in  four  per  cent. 
bonds,  and  payable  and  receivable  as  heretofore  prescribed, 
but  the  said  certificates  may  be  redeemed  by  the  government 
after  six  months  from  the  ratification  of  a  treaty  of  peace 
between  the  Confederate  States  and  the  United  States. 

Sec.  4.  That  all  bonds  or  registered  stock  authorized  to 
he  issued  by  this  act.  shall  be  payable  not  less  than  thirty 
years  after  date  ;  but  Bhall  be  redeemable  five  years  after 
date,  at  the  pleasure  of  the  government,  and  shall  in  other 
respects  conform  to  existing  laws. 

Sec.  5.  The  Secretary  of  the  Treasury  shall  use  any  dis- 
posable means  in  the  treasury,  which  can  be  applied  to  that 
purpose  without  injury  to  the  public  interest,  to  the  pur- 
chase of  treasury  notes  ''caring  no  interest,  and  issued  after 
the  passage  or  tuiai  act.  until  the  whole  amount  of  treasury 
notes  in  circulation  shpll  not  exceed  one  hundred  and 
seventy-five  millions  of  dollars. 

Sr.c.  G.  The  treasury  notes  hereby  allowed  to  be  issued, 
shall  be  of  any  denomination  of  not  less  than  five  dollars 
which  is  now  authorized  by  law,  that  the  Secretary  of  the 
Treasury  may  direct.  The  authority  hereby  given  shall 
cease  at  the  expiration  of  the  first  session  of  Congress, 
after  the  ratification  of  a  treaty  of  peace,  or  at  the  end  of 
two  years,  shoul'i  the  war  continue  so  long. 

Sec.  ?.  In  addition  to  the  authority  hereinbefore  given 
to  the  Secretary  of  the  Treasury  to  issue  treasury  notes,  he 
shall  be  allowed  to  issue   notes  of  the  denomination  of  one 


dollar,  and  of  two  dollars,  and  of  fifty  cents,  to  such  an 
amount,  as,  in  addition  to  the  notes  of  the  denomination  of 
one  dollar,  heretofore  issued,  shall  not  exceed  the  sum  of 
fifteen  millions  of  dollars  ;  and  said  notes  shall  be  payable  six 
months  after  the  ratification  of  a  treaty  of  peace  between 
the  Confederate  States  and  the  United  States,  and  receivable 
in  payment  of  all  public  dues  except  the  export  duty  on 
cotton,  but  shall  not  be  fundable. 

Sec.  8.  That  the  Secretary  of  the  Treasury  be  authorized 
to  sell  bonds  bearing  six  per  cent,  interest  per  annum,  and 
payable  as  hereinbefore  directed,  at  par  for  treasury  notes 
issued  since  the  first  day  of  December,  eighteen  hundred 
and  sixty-two,  to  such  of  the  Confederate  States  as  may 
desire  to  purchase  the  same  ;  or  he  may  sell  such  bonds, 
when  guaranteed  by  any  of  the  States  of  the  Confederacy, 
upon  such  plan  as  may  be  determined  by  the  Secretary  of 
the  Treasury,  for  treasury  notes  on  such  terms  as  he  may 
deem  advisable,  to  the  highest  bidder,  and  not  below  par : 
Provided,  however.  That  the  whole  amount  of  such  bonds  shall 
not  exceed  two  hundred  millions  of  dollars  :  And  provided, 
further,  That  the  treasury  notes  thus  purchased  shall  not  be 
reissued,  if  the  effect  of  such  reissue  would  be  to  increase 
the  whole  amount  of  treasury  notes,  bearing  no  interest 
which  are  in  circulation,  to  a  sum  greater  than  one  hundred 
and  seventy-five  millions  of  dollars.  And  the  Secretary  of 
the  Treasury  is  also  authorized,  at  his  option,  after  the  first 
of  July,  eighteen  hundred  and  sixty-three,  to  issue  and  sell, 
at  not  less  than  par,  as  estimated  in  treasury  notes,  coupon 
bonds  of  the  Confederate  States,  bearing  six  per  cent,  inter- 
est per  annum  and  payable  as  hereinbefore  directed.  The 
said  coupons  to  be  paid  at  the  pleasure  of  the  owner,  either  in 
the  currency  in  which  interest  is  paid  on  other  bonds  of  the 
Confederate  States,  or  else  in  cotton  certificates  which  pledge 
the  government  to  pay  the  same  in  cotton  of  the  quality  of 
New  Orle  ins  middlings.  The  said  cotton  to  l»e  paid  at  the 
rate  of  eight-pence  sterling  per  pound,  and  to  be  delivered 
at  any  time  within  six  months  after  the   ratification  of  a 


treaty  of  peace    <  and     the 

United  States,  at  any  or  nil  of  the  ports  of  New  Orleans, 
ile,  Savannah.  •  ston  or  Wilmington^  as  the  Secre- 

tary of  the  Treasury  mav  direct:   Provided,  kovk^er,  That 

the  bonds,  hereby  authorized,  shall  not  exceed  one  hundred 
millions  of  dollar.  tall   be  applied  only  to  the  absorp. 

tion  of  treasury  notes  as  prescribed  in  this  act. 

Skc.  i).  That  it  shall  be  the  duty  of  the  Secretary  of  the 
Treasury  immediately  after  the  passage  of  this  act,  to  make 
publication  of  a  copy  thereof  in  each  State,  in  at  least  two 
newspapers,  published  in  the  State,  ana  to  have  said  publi- 
cation continued  until  the  first  day  of  August,  eighteen  hun- 
dred and  sixty-three. 

Approvk.i)  March  23,  1803. 


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Hollinger  Corp. 
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